Productivity growth and volatility: how important are wage and price rigidities?

Barbara Annicchiarico () and Alessandra Pelloni

Oxford Economic Papers, 2014, vol. 66, issue 1, 306-324

Abstract: We study the implications of having different sources of nominal rigidities on the relationship between productivity growth and shocks volatility in a model with procyclical R&D and imperfect competition in goods and labour markets. We show that the effects of uncertainty on long-term growth not only depends on the source of fluctuations, as recent literature shows, but also, and crucially, on whether prices and/or wages are rigid. Copyright 2014 Oxford University Press 2013 All rights reserved, Oxford University Press.

Date: 2014
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Related works:
Working Paper: Productivity Growth and Volatility: How Important Are Wage and Price Rigidities? (2013)
Working Paper: Productivity Growth and Volatility: How Important are Wage and Price Rigidities? (2011)
Working Paper: Productivity growth and volatility: How important are wage and price rigidities? (2011)
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